JULY KEY FIGURES

		May 2011	Jun 2011	Jul 2011	Jun 11 to Jul 11
		$m	$m	$m	% change
BALANCE ON GOODS AND SERVICES
	Trend estimates	1 605	1 734	1 846	. .
	Seasonally adjusted	2 418	1 817	1 826	. .
CREDITS (Exports of goods & services)
	Trend estimates	25 832	26 175	26 457	1
	Seasonally adjusted	26 411	26 326	26 102	-1
DEBITS (Imports of goods & services)
	Trend estimates	24 228	24 441	24 611	1
	Seasonally adjusted	23 993	24 508	24 276	-1
. . not applicable

Balance on Goods and Services

JULY KEY POINTS


BALANCE ON GOODS AND SERVICES

• The trend estimate of the balance on goods and services was a surplus of $1,846m in July 2011, a rise of $112m on the surplus in June 2011.
• In seasonally adjusted terms, the balance on goods and services was a surplus of $1,826m in July 2011, a rise of $9m on the surplus in June 2011.

CREDITS (EXPORTS OF GOODS & SERVICES)

• In seasonally adjusted terms, goods and services credits fell $224m (1%) to $26,102m. Non-rural goods fell $724m (4%) and rural goods fell $41m (1%). Non-monetary gold rose $596m (82%) and net exports of goods under merchanting rose $5m (15%). Services credits fell $60m (1%).

DEBITS (IMPORTS OF GOODS & SERVICES)

• In seasonally adjusted terms, goods and services debits fell $232m (1%) to $24,276m. Intermediate and other merchandise goods fell $513m (6%). Consumption goods rose $166m (3%), non-monetary gold rose $153m (39%) and capital goods rose $135m (3%). Services debits fell $174m (3%).

NOTES

FORTHCOMING ISSUES

ISSUE	Release Date
August 2011	4 October 2011
September 2011	8 November 2011
October 2011	12 December 2011
November 2011	10 January 2012
December 2011	2 February 2012
January 2012	13 March 2012

REVISIONS

Revisions have been made to incorporate the latest data relating to international merchandise trade. The capital goods n.e.s. component of the goods debit series has been revised from January 2010 onwards. There were no other revisions to the balance of payments series in original terms.

The revised goods debits data aligns with the data published in the June quarter 2011 issues of Balance of Payments and International Investment Position (cat. no. 5302.0) and Australian National Accounts: National Income, Expenditure and Product (cat. no. 5206.0).

Table 17 summarises revisions to goods and services on a balance of payments basis, in original current price terms, since the last issue of this publication. In original terms, the revisions have decreased the surplus on goods and services for 2010-11 by $1,572m.

Seasonally adjusted and trend series have been revised due to the incorporation of the revisions and estimates for the latest month.


VALUE ADJUSTMENTS

Adjustments have been made to the value of the 'metal ores and minerals', 'coal, coke and briquettes' and 'capital goods n.e.s.' components in the balance of payments series. See Commodity value adjustment for details.


CHANGES IN THIS AND FORTHCOMING ISSUES

Tables 12 and 13 of this publication present the major commodities for international merchandise trade exports (table 12) and imports (table 13). As part of an annual review, the major commodities have been updated in this issue.

The seasonally adjusted and trend estimates of goods and services will be revised in the August 2011 issue as a result of the annual seasonal re-analysis.

See Changes in this and forthcoming issues for details.


RELATED RELEASES

For related recent and upcoming releases. See Related releases.


INQUIRIES

For further information contact Selvi Sekhar on Canberra (02) 6252 5540 for Goods, and Lee Taylor on Canberra (02) 6252 6377 for Services.